Knowledge Tree
Relations (1)
cross_type 3.17 — strongly supporting 8 facts
The U.S. is the governing entity responsible for collecting federal revenue, which has historically relied on tariffs as described in [1], [2], [3], [4], [5], [6], and [7], while also experiencing foregone federal revenue through specific tax policies like the mortgage interest deduction mentioned in [8].
Facts (8)
Sources
History of tariffs in the United States - Wikipedia en.wikipedia.org 5 facts
measurementIn 1944, the United States federal government collected $417.0 million in tariff income, which accounted for 0.9% of federal receipts, with an average tariff rate of 10.6%.
measurementIn 1830, the United States federal government collected $21.9 million in tariff income, which accounted for 88.2% of federal receipts, with an average tariff rate of 35.0%.
measurementIn 1918, the United States federal government collected $947.0 million in tariff income, which accounted for 25.8% of federal receipts, with an average tariff rate of 31.2%.
measurementIn 1792, the United States federal government collected $4.4 million in tariff income, which accounted for 95.0% of federal receipts, with an average tariff rate of 15.1%.
measurementIn 1870, the United States federal government collected $194.5 million in tariff income, which accounted for 47.3% of federal receipts, with an average tariff rate of 44.6%.
U.S. tariff outcomes dependent on trading partner responses dallasfed.org 1 fact
accountThroughout the 19th century and into the early 20th century, customs duties were the primary contributors to U.S. federal revenue because the government lacked alternative income sources.
The Role of Taxation in Family Inequality: Possibilities for Reform ncfr.org 1 fact
measurementThe mortgage interest deduction (MID) in the United States results in up to $47 billion in foregone federal revenue annually.
Tariffs: Estimating the Economic Impact of the 2025 Measures and ... richmondfed.org 1 fact
measurementThe United States relied on tariffs exceeding 30 percent as its primary source of federal revenue from the nation's founding until the introduction of income taxes in 1913.